Is it good news or bad?

THE Commsec State of the State report has showed economic growth in Queensland is 18% higher than the decade average.

Yesterday's report also pointed to improvements in the housing and construction sectors. However population growth and household spending are down.

“The Queensland economy has had a tough couple of years, but what this report and others have said is that the recovery is under way,” Treasurer Andrew Fraser said.

“We still face challenges, and this report makes specific mention of the fact that the high Aussie dollar is having a significant impact on our tourism industry.

“But with improved outcomes for dwelling starts and construction work up 37% on decade averages, the signs are there that there are good times ahead for the state's economy.”

Meanwhile the State Opposition said Queensland businesses are failing at a greater rate than other states.

Figures from the Australian Bureau of Statistics showed almost 28% of firms folded between June 2007 and June 2009.

Opposition treasury spokesman Tim Nicholls claimed business investment has plunged in Queensland and confidence is low.

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